PLDT income flat amid price pressures

Integrated telecommunications company PLDT Inc.'s net income during the first three quarters of the year came flat at P27.9 billion, only 1 percent higher than last year's P27.4 billion bottom line.

The company also reported a slight increase of 2 percent in its telco core income, which excludes the impact of asset sales and Maya Innovations Holdings, to P26.1 billion during the period.

Performed reasonably well

"The company has done reasonably well against a tough inflationary environment, relatively high-interest rates, and slowing economic growth. In this regard, we are guiding full-year core net income of P34 billion, compared with P33.3 billion in 2022," PLDT chairman Manuel V. Pangilinan said in a stock report on Tuesday.

From January to September, PLDT's consolidated service revenues notably reached an all-time high of P142.3 billion, up by P1.1 billion from a year earlier.

Meanwhile, data and broadband revenues grew by 4 percent year-on-year to P116.9 billion, accounting for 82 percent of the total consolidated service revenues.

PLDT Home service revenues

PLDT Home's service revenues rose by 10 percent year-on-year to P39.3 billion during the period, with total fiber subscribers increasing to 3.14 million, including 210,000 net additions.

The wireless business' revenues for the January to September period increased by 5 percent year-on-year to P60.6 billion, driven by a 15 percent increase in mobile data traffic to 3,630 petabytes.

As of the end of September, PLDT's wireless unit Smart Communications had 55.2 million mobile subscribers.

Lower expenditures

During the reference period, PLDT spent P55.3 billion, lower than the P67.3 billion for the same period last year.

The capex intensity ratio, or capex as a percentage of revenues, was at 37 percent, lower than the 46 percent for the same period last year.